PRIME CITY CENTRE DEVELOPMENT SITE - Potential for BTR/Residential Development of up to 450 Units
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PRIME CITY CENTRE DEVELOPMENT SITE
Potential for BTR/Residential Development of up to 450 Units
STRATEGIC SITE ACTING AS THE GATEWAY TO KELHAM ISLAND
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH
Executive Summary
>> Prime and very prominent 2.02 acre city
centre development site
>> Kelham Island offers a rich architectural
and cultural backdrop and provides the
most exciting urban living opportunity
in the city
>> Strong market dynamics with housing
undersupply and high graduate retention
rate
>> Valuable current income of £153,621 pa
with scope to increase
>> Principal sitting tenants open to
discussions about re-sites
>> Positive pre-application discussion with
Sheffield City Council about a c. 450 unit,
8-10 storey BTR development
>> Offers invited
Kelham Island offers
a rich architectural
and cultural backdrop
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 2
PONDS FORGE HEART OF THE CITY PENNINE 5 HOLLIS CROFT DUN WORKS HOYLE STREET
Leisure complex with £130m redevelopment Mixed- used redevelopment Completed Completed 650 student /250 BTR
Olympic-sized swimming scheme including city’s of 450,000 sq ft former Watkins-Jones 1,000 bed 250 units BTR scheme
pool for 2,600 spectators tallest building HSBC student scheme
LITTLE KELHAM
NURSERY STREET COTTON MILL ROW Completed
WEST BAR
Planning Approved In Planning Developer: Citu
Mixed-use £175 million
Developer: Brickland regeneration scheme Developer: Qualis
250 unit BTR scheme funded by L&G 84 units
HALLAMSHIRE
HOSPITAL
SHEFFIELD
HEART OF NEW RETAIL UNIVERSITY
THE CITY QUARTER
TRAIN SHEFFIELD
HALLAM SHEFFIELD
STATION UNIVERSITY
UNIVERSITY
THE MIRADOR
BUS On site Jan 2020
STATION
Developer: Scotfield
500 unit BTR scheme
PENNINE HOLLIS
CENTRE CROFT
PONDS
FORGE
FORMER HSBC
(NEW DEVELOPMENT)
CASTLEGATE
REGENERATION
BROOKSHAW
PARK THE MIRADOR SHALESMOOR
RIVERSIDE WEST BAR TRAM STOP
BUSINESS
DIRECT
DUN WORKS
COTTON
MILL
ROW
LITTLE KELHAM
NURSERY
STREET
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 3
Kelham Island
Brookshaw Park is situated fronting onto
Shalesmoor, which forms part of the central
ring road and is to the north of the retail core.
The site is bounded by Shalesmoor, Russell Street
and Bowling Green Street. Sheffield University,
Sheffield Hallam University and the city’s railway
station are all situated within 3/4 mile of the site,
with Shalesmoor tram stop less than 1/4 mile away.
Kelham Island, once the heart of industry in the
city, has now transformed to become of its most
exciting neighbourhoods and was recently voted
8th in the list of the UK’s top “hip hangouts”.
The remains of the numerous cutlery and
steelworks, factories and workshops are part
of what gives the area its distinct charm, with
an ongoing transformation into a diverse range
of uses, from micro breweries to galleries.
Winner of "The Great
Neighborhood" award by
Academy of Urbanism in 2019
beating out Hackney Wick
and Ancoats, Manchester
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 4
Kelham Island Kelham Island is now regarded as one of the most desirable food and living areas in the city, the area has long been a mecca for renowned real ale pubs such as the Kelham Island Tavern, The Fat Cat, The Riverside and The Gardeners Rest. Alongside great beer, great food has also become a staple of the area, with street food night markets and the Cutlery Works, the largest independent food hall in northern England, housing a hive of food and drink outlets. Kelham Island has also seen an influx of established start-up businesses from a broad range of sources especially Media, Design and IT Immediately to the east, Urbo developments are bringing forward the 7 acre West Bar site which has outline planning consent for a mixed residential, hotel and office scheme together with a multi-storey car park. Terms are agreed with L&G and Sheffield City Council for funding for a 100,000 sqft speculative office scheme and a 350 unit BTR scheme. To the west of the site on the corner of Shalesmoor and Hoyle Street, Scotfield are planning the Mirador a 489 unit BTR scheme, giving further evidence of the area’s potential for urban living. "An abundance of independent eateries, drawing crowds after a unique experience" Sheffield Telegraph BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 5
The Opportunity Brookshaw Park is a very prominent city centre site, which offers outstanding potential for a residential development in the heart of Kelham Island, Sheffield’s most culturally and architecturally interesting urban district. The site produces a valuable income stream, with opportunities to enhance this in the short term through lettings and commercialisation of the car park. The site’s core location in the heart of one of the city’s most culturally and architecturally engaging districts, makes it particularly suitable for a residential development, with demographics and housing supply particularly in favour of a Built to Rent residential development. Brookshaw Park offers outstanding potential for a residential development in the heart of Kelham Island BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 6
Location
UPPERTHORPE
A61 KELHAM ISLAND Sheffield is the fifth largest regional city
in the UK with a population of 576,000
SHALESMOOR TRAM STOP WEST BAR and has recently seen extensive regeneration
Tram every 10 mins Mixed-use
to city centre projects such as the Peace Gardens and
£175 million scheme
Millennium Galleries, together with the Heart
BRIDGE
BROOKSHAW A61
MIL
of the City scheme, which is regenerating
ST
LSA
National Emergency
PARK
ND
Services Museum
the retail core.
National Emergency
NETHERTHORPE Services Museum
CROOKESMOOR Sheffield’s central location gives easy
access to many major conurbations, with
THE UNIVERSITY LAN
E PARK HILL Manchester only 45 miles to the west and
AD
OF SHEFFIELD BRO
Weston Park Ponds Forge Leeds 35 miles to the north. The city’s
Museeum Intertnational
Supertram
Sports Centre position on the mainline rail network gives
UPPER HANOVER ST
H route easy access to London St Pancras in under
Winter A61
2 hours. Whilst in the city itself transport
Gardens links are very strong, with the Super Tram
H
Royal Hallamshire
SHEFFIELD SHEFFIELD
TRAIN STATION
system having been operational since 1994
Hospital and serving 50 stops.
SHEFFIELD RETAIL QUARTER Sheffield
Masterplan includes HSBC Hallam University
City Campus The city has a strong educational reputation
taking 140,000sq ft of office space
The Moor with a student population of 66,500,
H
principally at Sheffield Hallam University
A
N
O
V
and the Russell Group Sheffield University.
ER
W
BROOMHALL Graduate retention rate is an above average
AY
ST
MA
RY’S
GATE Grosvenor 42% (source SHU) and is evidence of the
Casino
A625 vitality of the local economy.
OAD
Sheffield
Botanical
ON R
Gardens
A61
Bramall Lane
D
LON
Sheffield is the fifth
SHARROW
largest regional city
in the UK
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 7
Description
it plc e
Un us fon
Q )
The property is a roughly triangular level site
h a
(T od
V
extending 2.02 acres (0.82 hectares) in a very
prominent location fronting on to Shalesmoor.
M
it
N it
Un
Un
The property comprises retail, warehouse and
leisure uses and accessed off Russell Street. World o
f Suite
Unit L s Ltd
Planning
The Gy
A formal Pre-app process has been run m Ltd
Unit J&
K
with Sheffield City Council to establish
the development potential of the site. This
engagement was very positive and scoped
out the potential for a residential development
of up to 450 predominantly apartment units,
with a small number of town houses with
massing of up to 8-10 storeys being acceptable.
The property is not situated in a conservation
area but sits immediately between the
Kelham and Furnace Hill CAs, providing rich
architectural character on the doorstep.
Tenure
Freehold
The property is in a very
prominent location fronting
on to Shalesmoor
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 8
Tenancies
All the units are let on effectively full repairing and insuring terms with a service charge payable in respect of the common parts.
Area
Units Tenant sq m sq ft Lease Rent Rent psf Review Comments
13/3/24 Personal right for tenant to have a
13/3/14 – Fixed 5 year lease extension at £105,496.
J&K The Gym Ltd (05059669) 1,283.1 13,811 £90,446 £6.55
12/3/29 uplift to Service charge cap of £14,690 uplifted
£97,681 in 2024 in line with RPI.
World of Suites Ltd
10/9/06 –
L (3415060) with g’tee from 396.8 4.271 £21,000 £4.92 - Tenant holding over
9/9/15
D Thompson & D Wild
Tenant interest for letting at £6,000 pa
on a 2 year lease with a mutual break
M&N In Negotiations 80.5 866 - - - -
at the end of the first year. Excluded
from the LTA 1954.
Tenant part of Vodafone. Exclusive
1/8/2001 – 1/8/2021
Q Thus plc (SC192666) 1,033 11,120 £42,165 £3.79 right to parking spaces between the
31/7/2026 to OMV
unit and Russell Street.
Ongoing discussions in hand with
Car park 138 spaces car park operator which will provide
additional income.
Northern Powergrid interested in
Substation Northern Powergrid 1963-1984 £10 - taking a new 60 year lease. No s25/s26
notice served
Total 2,793.4 30,068 £153,621
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 9
Occupational Overview
The property offers an excellent income stream with 86% secured on very
strong covenants, whilst development proposals are finalised.
There is a clear opportunity to re-site The Gym within a new development,
which would also provide ground floor vitality onto Shalesmoor.
The Thus unit is only partially used by Vodafone with around half of the
unit empty and only a minority of the server racks occupied. The facility
is an important piece of network infrastructure but given the prospect
of a medium-term lease expiry at which the likelihood is landlord would
resist a new lease, there is the opportunity to discuss an early exit, which
would allow them to downsize.
The remainder of the income, including a small sub-station which is holding
over, is short term in nature.
Data Room
A comprehensive data room with legal, planning and environmental
information is available, with access on request.
Terms
The site and buildings are offered for sale on a freehold basis subject
to the existing tenancies.
VAT
The property is elected for VAT and hence this will be payable on the purchase
price unless the property can be transferred under the TOGC provisions.
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 10Further Information
For any further information and to arrange
an inspection of the property please contact:
Richard Turner
T: 0191 223 5720
E: richard.turner@cushwake.com
Gagan Jagpal
T: 0191 223 5709
E: gagan.jagpal@cushwake.com
Philip Roebuck
T: 0113 233 8840
E: philip.roebuck@cushwake.com
Dai Powell
T: 0113 280 8098
E: dai.powell@avisonyoung.com Cushman & Wakefield and GVA Grimley trading as Avison Young, as agent for the vendors or lessors of this property, gives notice that:
(i) These particulars are set out as a general outline for guidance only, do not form any part of an offer or contract and must not be relied upon as statements or representations of fact;
(ii) All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct,
James Yates but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness;
(iii) No person acting on behalf of Cushman & Wakefield has any authority to make or give any representation or warranty whatsoever in relation to this property. Cushman & Wakefield accepts
T: 0113 280 8090 no responsibility for any statement made in these particulars;
(iv) Any areas, measurements or distances given are approximate. Unless otherwise stated, all purchase prices, any rents or outgoings are correct at the date of publication, and unless otherwise
E: james.yates@avisonyoung.com stated, are quoted exclusive of VAT;
(v) Images may be computer generated. Photographs show certain parts of this property as they appeared at the time they were taken; and
(vi) Any descriptions given of this property cannot be taken to imply this property is in good repair, has all necessary consents, is free of contamination, or that the services and facilities are in
working order. Intending purchasers or lessees are advised to carry out their own investigations. Publication date: May 2018 | Cushman & Wakefield LLP and GVA Grimley trading as Avison
Young | Regulated by the Royal Institution of Chartered Surveyors.as required. September 2019
BROOKSHAW PARK Kelham Island, Sheffield S3 9UH 11
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